Unlocking the Dynamics of Subjective Financial Weil-Being in Retirement

摘要

Finance is focal to well-being through all stages of life(Greenberg and Hershfield 2019),and retirement is no exception.However,people are saving less for retirement;while many fear not having money in retirement,this doesn't convert into savings behaviors(Briiggen et al.2017).People who are unprepared financially for retirement experience a drop in living standard(Greenberg and Hershfield 2019).as well as decreased life satisfaction,subjective well-being(Yeung 2018),and health(Arber et al.2014).While Australia is ranked 4th on the Mercer Global Pension Index(Mercer 2018),fear and anxiety still cloud Australian retirees as many are financially ill-prepared for retirement(ASFA,2017).Subjective financial well-being(SFW)is an"individual's self-rating of their income adequacy to meet their general needs"(Arber et al.2014,p.15),and is argued as a more accurate indicator of an individual's overall well-being in contrast to objective financial metrics.Research calls for further exploration into the nuances,contexts and dynamics that frame SFW(Briiggen et al.2017).The purpose of this study is to understand how SFW resonates in the Australian retirement context through addressing the following research question: What unique dynamics exist in retirement that frame an individual's subjective financial well-being?